Auslanco - GBP/JPY and GBP/USD (newstrade)

Quoting Scrat

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be careful. such a move without a fundamental support means that big guys are positioning for another long run.
i'm preparing to go long on e-u. g-j might go up but it should be limited first by the upper part of weekly channel (higher 216 as of now), and then, if that one is broken, by 219.32. IF 219.32 is taken, then we won't see another huge fall, just the boring "buy the dips". this is rather medium to long term.
on the short term, i am waiting to see a high above yesterday's high and then will closely watch for a retracement which should go as low as 211 at first sight. and from that low... buy for the next 2 weeks. august 1st (give or take 2-3 days at most) should bring us a surprise, at least that's what mr. gann would say...

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Quoting karmostaji

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IMO new high is in order for today, I'll be back later

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Quoting fourxtrader

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Speaking of new highs....
Any close above 213 will exceed recent highs (~212.92 on 6/25)
but a close above 213.25 will be significant matching a close on 2/26.

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Quoting msniper

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i still hold my short on EJ and i added more and i will add more if it goes to 170 or 171 ( which is not strong psossiblity )

my target still the same 163.50 and then 160 those target according to Elliot waves.

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Quoting OrionsWay

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Fairly muted day

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Quoting hussin naiji

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yea im with u in bear camp EJ
if look on weekly candle chart EJ ,we see a hanging man pattern in top trend.
yea agrre with 163.xx

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Quoting vinesh2

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209 - 214 is going to be the range for a couple of weeks IMO

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Quoting malcolmb14

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sound to me like you are overleveraging your account with those daily returns

The best traders are the ones that manage money the best . I lost 250 pips on gbpchf , only 3% of account , made that all back on yesterdays close on gbpchf , gbpjpy

I NEVER take more than 3% risk on a swing trade for my stop and typically it is only 1.5 %.

With 12% return a day even with a 200 pip move sounds like you are risking up to 10% of your account per trade. If you made 12% on a 100 pip ,move you are going to blow your account up in no time. As gbpjpy in these volatile times can move aginast you 100 pips in no time.

risk management is KEY in this game . Those traders that understand risk management are the bets traders out there.

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Quoting malcolmb14

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Managed a few pips eurcad .. a few in gbpchf and a few in gj on scalps

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Quoting malcolmb14

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Judging by this forum they ... meaning the big guys , have done what they want to do. They have turned what was a bearish sentiment a few days a go into a bullish sentiment .. I see 217 , 220 and higher being posted in the forum

Taking retail traders money is the easiest thing for them to do.

Did the fundamentals really turn around in 2 days ?

The UK is starting its downward spiral much like the US has done over the last year or so . The Halifax home price index has suprised to the downside 2 months running.

and to back that up here is the daily chart with a bearish div on the rsi ... double top may be in.

Attachment

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Quoting uncletrumpet

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I entered more than 3 pairs at the same time EJ, UJ, and GJ. I dont overleverage my account.

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Quoting Scrat

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true.
however, i don't see 220 yet. all i see is upper 216. as for the bearish divergence, not yet, we would need to surpass yesterday's high. at this moment it looks like a failure swing on rsi. but this configuration is typical for the 5th subwave during an impulse movement...
i didn't see london booking profits. so i think we'll stay like this over the weekend.

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Quoting vinesh2

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Did we just his 214>?

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